Create an improved Marketing Strategy that innovates how Innisfree sells Korean skincare in the US. Revitalizing Innisfree's US Market Penetration and Competitive Edge in Korean Skincare. 

 

• Industry Introduction (define NAICS Code of industry) 
  • Define the industry, industries or ecosystem in which your client competes.
  • Determine, illustrate, and justify the life cycle stage of the industry, if this is relevant for understanding how to compete.
• General Environment Analysis
  • PESTEL/STEEPG Analysis of Driving Forces - Identify a comprehensive list of factors under each category of driving force, then focus on understanding the forces you consider to be most important in creating opportunities and threats for your client.
  • Present evidence to help understand how the most important forces create opportunities and/or threats.
  • Conclude with an assessment of the overall industry attractiveness.
• Competitive Environment Analysis
  • Competitive/Five Forces Analysis - Identify a comprehensive list of factors under each category of force, then focus on understanding the forces you consider to be most important in creating opportunities and threats for your client.
  • Present evidence to help understand how the most important forces create opportunities and/or threats.
  • Conclude with an assessment of the overall industry attractiveness.
• Market & Market Segment Analysis
  • Define the market the company serves.  Identify market segments.  Segmentation might occur along geographic, demographic, psychographic and/or behavioral dimensions.
  • Quantify the overall existing market and/or market potential (total addressable market, TAM).  Where possible and appropriate, break down the market by segment.
  • Present evidence to identify and analyze major trends in the market that are likely to create opportunities and/or threats.
• Competitor Comparison Analysis 
  • Identify the primary competitors - provide a list of direct competitors, indirect competitors, substitutes, and future/potential competitors, including the product and service features of each competitor.
  • Research and analyze which factors contribute most to the competitive advantage/disadvantage of the client firm and each competitor and/or group of competitors.
  • Key Success Factors - Identify and justify the factors that each firm competing in the client firm's industry must excel at to be competitive.
  • Competitive Positioning Analysis/Strategic Group Map and/or Competitive Grid - Assess and position each competitor relative to the client firm on two dimensions (strategy map or strategic group map), and/or present a competitive grid comparing the client to competitors along key dimensions of strategy not limited to product/service features.

Answer rating: 100% (QA)

Creating an improved marketing strategy for Innisfrees Korean skincare products in the US involves a comprehensive analysis of the industry market competitors and key success factors Heres a structure... View the full answer